As a provider of machine-to-machine (M2M) embedded wireless solutions, METRIK Automotive Solutions has bypassed the conventional purchasing and title conversion system to launch a program assisting Buy-Here-Pay-Here (BHPH) car dealers.

As per the “Pay Share” concept, BHPH dealers can pay a one-time $39 stocking fee to obtain a full featured GPS payment device including starter interrupt, payment reminder and an integrated back up battery.

Until the receivable is sold to another program lending partners, the dealer needs to pay a $10/month subscription fee for a maximum of 16 months. CAR Financial is one of the early participants of the “Pay Share” program.

In a release, iMETRIK CEO Guy Chevrette (News - Alert) said, “Finance companies that specialize in purchasing BHPH notes benefit tremendously when a dealer uses a high quality starter interrupt device. Participation in 'Pay Share' provides these lenders an avenue to encourage their dealers to utilize the technology that maximizes portfolio performance and servicing efficiencies.”

He added, “BHPH dealers aren’t realizing their profits upfront so we wanted a program that allowed them to pay for the device as they booked their own payments, this in combination with the ability to transfer the device payments when they sell a receivables pool will allow some dealers to reduce their technology costs by 50 percent or more.”

According to Chevrette, dealers can make use of iMETRIK’s conversion program to buy GPS loan collection technology at a reduced price and then sell the same to an acquiring lender who continues the payment. Dealers are presented with a ‘pay-as-you-go’ solution that enables easy transfer of the device and payments into a preferred lender network with the sale of the dealer’s receivable.

Chevrette also added that CAR Financials participation in the launch lender program proves to be highly encouraging as a stable source of funding and IMETRIK is focused on collaborating with them to further drive back end profitability for all the parties in the program.

Deploying compact devices with high processing power and faster wireless connectivity, iMETRIK Automotive solutions allows companies to reduce cost with increased control of remote assets. Based on an open standard architecture, the solutions easily integrate with customer information systems, enabling ease of usage and instant data access.

Acting as a wireless carrier or mobile virtual network operator (MVNO), IMETRIK completes its end-to-end quality delivery model.

Want to learn more about M2M technologies? Then be sure to check out the M2M Evolution conference, collocated with TMC’s (News - Alert) ITEXPO East, taking place Feb 2-4, 2011, in Miami. The M2M Evolution Conference is for those industry professionals interested in capitalizing on a rapidly growing segment of the telecom industry. The M2M Evolution Conference embraces the any-to-any strategy of the Internet today. Co-sponsored by TMC Partner Crossfire Media, it showcases the solutions, and examines the data strategies and technological requirements that enterprises and carriers need to capitalize on a market segment that is estimated to grow to $300 Billion in the year ahead. To register, click here.